Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Europe > Slovenia, Republic of

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Global Financial Crisis, 2008-2009 x
Clear All Modify Search
Cover IMF Working Papers
Europe’s Debt (Un)Sustainability: Looking Through Bohn’s Magnifying Glass
Aleš Bulíř
and
Khyati Chauhan
No large European countries and only few small ones have met the so-called Bohn rule during the past 40 years or so. The Bohn rule specifies that past increases of public debt need to be systematically compensated with current and future fiscal surpluses to stabilize debt at some steady-state level. We find that post-1980 European fiscal primary balances have been driven by spending growth and consumption smoothing. The results change little between periods before and after the global financial crisis.
Keywords:
Fiscal sustainability; public debt; the Bohn rule; magnifying glass; estimates of the Bohn rule; B. data transformation; ales Bulír; debt sustainability exercise; Fiscal stance; Global financial crisis of 2008-2009; Output gap; Global; Europe
Cover IMF Working Papers
Determinants and Effects of Countries’ External Capital Structure: A Firm-Level Analysis
Uroš Herman
and
Tobias Krahnke
In this paper, we investigate whether a firm’s composition of foreign liabilities matters for their resilience during economic turmoil and examine which characteristics determine a firm’s foreign capital structure. Using firm-level data, we corroborate previous findings from the (international) macroeconomic literature that the composition of foreign liabilities matters for a country’s susceptibility to external shocks. We find that firms with a positive equity share in their foreign liabilities were less affected by the global financial crisis and also less likely to default in the aftermath of the crisis. In addition, we show that larger, more open, and more productive firms tend to have a higher equity share in total foreign liabilities.
Keywords:
External Liabilities; Foreign Direct Investment; Firm-level data; Financial Crisis; equity share; firm's composition; firm-level data; sales growth; standard deviation; Foreign liabilities; Foreign corporations; Global financial crisis of 2008-2009; Foreign direct investment; Corporate sector; Global
Cover IMF Working Papers
Five Years After: European Union Membership and Macro-Financial Stability in the New Member States
Mr. Martin Cihak
and
Mr. Wim Fonteyne
The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.
Keywords:
WP; EU membership; NMS country; country authorities; sovereign bond